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Politics of Boom and Bust

Politics of Boom and Bust. 753-64 Pt 1. Harding on the Presidency. “God! What a job!” Not so much his own corruption, more not being able to control people who worked for him Some good news: Charles Evans Hughes Sec. of State, Mellon Sec. of Tres., Herbert Hoover Sec. of Commerce.

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Politics of Boom and Bust

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  1. Politics of Boom and Bust 753-64 Pt 1

  2. Harding on the Presidency • “God! What a job!” • Not so much his own corruption, more not being able to control people who worked for him • Some good news: Charles Evans Hughes Sec. of State, Mellon Sec. of Tres., Herbert Hoover Sec. of Commerce

  3. The Republican “Old Guard” Returns • Harding’s cabinet – Some competent and honest • Charles Evans Hughes – secretary of state • Andrew W. Mellon – secretary of treasury • Herbert Hoover – secretary of commerce – Two incompetent crooks • Albert B. Fall – secretary of the interior • Harry M. Daugherty – attorney general

  4. Supporting Business • Keep hands off business, even guide them to profits • Harding gets to appoint four SC Justices • Relaxed labor laws • Antitrust laws often ignored • Encouraged railroad consolidation and promised ICC cooperation • Government and Attny Gen Daugherty help break up strikes

  5. Foreign Relations • 1921 joint resolution calls end to WWI • Unofficial observers sent to L of Nations • Work on securing oil rights in the Middle East w/England • Disarmament discussed in Washington Conference, end up with 5:5:3 ratio agreed upon (US, England, Japan) • War outlawed in the Kellogg-Briand Pact signed by 62 nations

  6. Tariffs • Forney Mc Cumber Tariff Law brings tariffs back up to 38.5% • European economy hurt by lack of US business • European countries limit imports from US

  7. Scandal • Head of Vets Bureau Forbes taking $$ from Veterans Hospitals • Teapot Dome Scandal: Sec of the Interior Fall leases oil rights at Teapot Dome and Oak Hills after getting them transferred from the Sec of Navy. Fall’s bank account increases by $100k. • Fall eventually goes to jail (Sinclair and Doheny, those leasing lands do not) • Harding dies on trip across the West in 8/23

  8. Silent Cal • Mechanization of farms change everything • “Keep Cal and Keep Coolidge” allows Coolidge to get re-elected • Defeats Democrat Davis and Progressive LaFollette (actually gets 13 electoral votes)

  9. Foreign Policy • Works out oil crisis w/Mexico • US trying to get back $10 billion in war loans • French and British want their $$ back from Germany • Germany has run away inflation • US loans $$$ to Germany to repay England and France---Dawes Plan

  10. “Silent Cal” Coolidge • Coolidge’s philosophy on government – Believed government should support business, not right social wrongs • “the man who builds a factory builds a temple; the man who works worships there” – Supported Mellon’s tax and spending cuts – Approved of business consolidation and profit – Not politically affected by the scandals because of his transparent honesty

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